PTC ANNOUNCES SECOND FISCAL QUARTER 2023 RESULTS

 

PTC Inc.


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)


(in thousands, except per share data)















Three Months Ended



Six Months Ended



March 31,



March 31,



March 31,



March 31,



2023



2022



2023



2022














GAAP operating income

$

122,539



$

159,190



$

227,440



$

221,368


Stock-based compensation


52,246




37,921




93,750




83,863


Amortization of acquired intangible assets


20,490




14,371




34,658




29,348


Acquisition and transaction-related charges


11,883




3,903




17,689




4,953


Restructuring and other charges (credits), net


1




(1,562)




(337)




32,429


Non-GAAP operating income (1)

$

207,159



$

213,823



$

373,200



$

371,961














GAAP net income

$

63,504



$

89,679



$

138,539



$

135,768


Stock-based compensation


52,246




37,921




93,750




83,863


Amortization of acquired intangible assets


20,490




14,371




34,658




29,348


Acquisition and transaction-related charges


11,883




3,903




17,689




4,953


Restructuring and other charges (credits), net


1




(1,562)




(337)




32,429


Non-operating charges (2)


4,622




44,613




5,147




34,847


Income tax adjustments (3)


(14,943)




(25,444)




(33,676)




(44,669)


Non-GAAP net income

$

137,803



$

163,481



$

255,770



$

276,539














GAAP diluted earnings per share

$

0.53



$

0.76



$

1.17



$

1.15


Stock-based compensation


0.44




0.32




0.79




0.71


Amortization of acquired intangibles


0.17




0.12




0.29




0.25


Acquisition and transaction-related charges


0.10




0.03




0.15




0.04


Restructuring and other charges (credits), net


0.00




(0.01)




(0.00)




0.27


Non-operating charges (2)


0.04




0.38




0.04




0.29


Income tax adjustments (3)


(0.13)




(0.22)




(0.28)




(0.38)


Non-GAAP diluted earnings per share

$

1.16



$

1.39



$

2.15



$

2.34














(1) Operating margin impact of non-GAAP adjustments:













Three Months Ended



Six Months Ended



March 31,



March 31,



March 31,



March 31,



2023



2022



2023



2022


GAAP operating margin


22.6

%



31.5

%



22.6

%



23.0

%

Stock-based compensation


9.6

%



7.5

%



9.3

%



8.7

%

Amortization of acquired intangibles


3.8

%



2.8

%



3.4

%



3.0

%

Acquisition and transaction-related charges


2.2

%



0.8

%



1.8

%



0.5

%

Restructuring and other charges (credits), net


0.0

%



(0.3)

%



0.0

%



3.4

%

Non-GAAP operating margin


38.2

%



42.3

%



37.0

%



38.6

%













(2) In the three and six months ended March 31, 2023, we recognized $3.7 million and $4.2 million of financing charges for a
debt commitment agreement associated with our acquisition of ServiceMax, respectively.  In the three and six months ended
March 31, 2022, we recognized non-operating expenses of $44.6 million and $34.9 million due to the reduction in value of an
equity investment in a publicly-traded company, respectively.


(3) Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable
tax rate by jurisdiction to the non-GAAP adjustments listed above.



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